Joe Moser, 29
Director of originations and asset management at Benmark Capital
As banks retrenched in droves these past 18 months, a distinct window of opportunity opened for debt funds to grab a much bigger slice of the lending pie. Case in point: Miami Beach-headquartered Benmark Capital, which is experiencing an especially active year.
“Our transaction volume is probably 200 percent of last year,” Joe Moser said. “On the bridge lending side we’re seeing a ton of deals that would normally go to a bank, but [borrowers] are coming to us instead for a little higher leverage and a little more proceeds.”
Every deal is different, but in the current volatile market environment, some consistent lending themes stand out.
“We’re seeing some bridge-to-bridge [lending opportunities] where people are looking for more time,” Moser said. “We’re also seeing a lot of condo inventory loans where people need more time to pay off things, or it’s not going as planned on schedule.”
Moser has originated more than $150 million of bridge debt in his time, including a $40 million loan to Olympia Heights Management to refinance its Opus Place development site in Atlanta. Prior to Benmark, he held positions at BridgeCity Capital and Atlas Realty Group. At BridgeCity, he originated both bridge and construction loans totaling $600 million before being recruited down to Miami to help start Benmark Capital two years ago. The rest is history.
While Benmark is focused on lending on assets in its home turf, it also has significant holdings outside of the Sunshine State. “We’re doing a $70 million construction deal right now in Malibu [California],” he said. “So we’re a little more diversified. We’re also a little more nimble than other groups, and we find that to be a big competitive advantage.”
When he’s not lending in glamorous spots from coast to coast, Moser is an author, and getting close to publishing his first book, “Underwriting Principles,” which he said will take newbies to the CRE game through each step of the loan underwriting process.
“I’ve been coaching other people on this for some time,” he said. “I think the best thing to do is to try to gain as broad a perspective as possible when you first get into your job, and try to learn as many aspects of the business as possible. It’ll only help as you grow into larger roles.”
